Electric Freight Startup Einride Moves Closer to Going Public in Deal With SPAC Legato, Files Confidential SEC Paperwork as It Prepares for $220M SPAC Merger

Einride AB ("Einride" or the "Company"), a technology company driving the transition to cost-efficient electric and autonomous freight operations for some of the world's largest shippers, and Legato Merger Corp. III (NYSE:LEGT) ("Legato"), a special purpose acquisition company, today announced the confidential submission of a draft registration statement on Form F-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") on December 12, 2025 in connection with the proposed business combination between Einride and Legato (the "Transaction").

Einride operates a dual Freight-Capacity-as-a-Service (FCaaS) and Software-as-a-Service (SaaS) business model through its proprietary AI-powered platform that orchestrates electric and autonomous freight operations. Founded in 2016 and headquartered in Stockholm, Sweden, the Company has demonstrated strong commercial traction across multiple markets, with the United States its second largest market. Specifically, Einride has achieved over 1,700 driverless hours in contracted operations, over 11 million electric miles driven, and over 350,000 executed shipments, with $65 million expected ARR from signed contracts with blue-chip customers. Looking forward, Einride has more than $800 million of potential long-term ARR within Joint Business Plans for continued expansion of electric and autonomous deployments. Today's confidential submission marks another important step towards the Company's public listing, and follows the recent appointment of Anubhav Verma as Chief Financial Officer to strengthen Einride's leadership team in preparation for becoming a public company.

The Transaction, which was announced on November 12, 2025, is expected to deliver approximately $220 million in gross proceeds before accounting for potential redemptions, transaction expenses and any further financing, including potentially up to $100 million of PIPE capital). Proceeds from the Transaction will support Einride's technology roadmap and global expansion, including autonomous deployments across North America, Europe, and the Middle East, and additional commercial applications.

The Transaction remains subject to approval by Legato shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions, and is expected to close in the first half of 2026. Upon closing, the combined company is expected to be listed on the New York Stock Exchange.